Business & Tech

Windstorm Disaster Loans Available for Businesses, Property Owners

The U.S. Small Business Administration is still accepting applications for loans up to $200,000 for people and businesses who sustained damage during the 2011 windstorm in Los Angeles County.

The U.S. Small Business Administration has received more than 125 applications and given more than $325,000 in loans for Los Angeles County business owners following the 2011 windstorm, officials said.

All businesses and property owners with windstorm damage are encouraged to apply with the SBA, said Kevin Wynne of the SBA Office of Disaster Assistance during a windstorm response roundtable with local Los Angeles County leaders on Thursday. 

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. 

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Businesses of any size and private, nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to homeowners and businesses to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future. 

For small businesses and most private, nonprofit organizations of any size and aquaculture businesses, SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage. 

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Interest rates can be as low as 2.063 percent for homeowners and renters; 3 percent for private, nonprofit organizations; and 4 percent for businesses. Terms are up to 30 years. Loan amounts and terms are set by SBA and are based upon each applicant’s financial condition. 

Disaster loan information and application forms are available from SBA’s Customer Service Center by calling (800) 659-2955, e-mailing disastercustomerservice@sba.gov, or visiting SBA’s website HERE. Individuals who are deaf or hard of hearing may call (800) 877-8339. 

The filing deadline to return applications for property damage is Feb. 17, 2012. The deadline to return economic injury applications is Sep. 19, 2012. 

The disaster declaration makes SBA assistance available in Los Angeles County and the neighboring counties of Kern, Orange, San Bernardino and Ventura. For full details, view this message on the web.


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